WHITE PLAINS, N.Y.,
April 6, 2021 /PRNewswire/ --
Amalgamated Employee Benefits Administrators, one of the nation's
leading third party administrators (TPA) for unions, businesses,
associations and self-insured plans, announced today that it has
launched AEBRx (www.aebrx.com), a new Pharmacy Benefit
Administration (PBA) service. This union affiliated, innovative,
end-to-end PBA service will focus on helping plan sponsors
effectively manage high-cost specialty drugs while providing
excellent service and access to a national network of retail
pharmacies with mail order capabilities. Amalgamated Employee
Benefits Administrators has partnered with Magellan Rx Management,
a full-service pharmacy benefits management division of Magellan
Health, Inc. (NASDAQ: MGLN) as the engine for AEBRx.
Taft-Hartley trust funds and plan sponsors will have the
opportunity to realize significant cost savings from the standard
inclusion of both the Payer Matrix and ELMCRx Solutions' Tesser
Health programs. These two programs work in conjunction to create
an advanced specialty drug cost management program and specialty
drug prior authorization service that results in a 40% average
savings while also limiting stop loss liability.
AEBRx offers a user-friendly, easy to navigate platform powered
by Magellan Rx Management. It features visually engaging
dashboards, intuitive functionality, and real-time data that is
readily accessible online. Robust tools connect plan members on a
24/7 basis to drug and related healthcare information from their
mobile devices or desktops. Using AEBRx's responsive member portal
and quick response (QR) codes on select specialty prescription
labels, plan members can easily access information and medication
videos on demand and obtain refill reminders with real time
alerts.
Paul Mallen, President and CEO of
the Amalgamated Family of Companies stated, "Specialty drug costs
represent 50% of the overall pharmacy benefit spend and that figure
continues to rise. Further, for every $1 spent on specialty drug costs, there typically
is at least another $1 spent on
medical benefits. At the Amalgamated Family of Companies, we are
committed to providing solutions that effectively help contain
healthcare costs for trust funds and plan sponsors, as well as
their members and we are excited to launch this innovative
service."
About Amalgamated Employee Benefits
Administrators
Amalgamated Employee Benefits Administrators
(AEBA) is one of the nation's leading third party administrators
(TPA) of employee benefit plans for unions, businesses,
associations, and self-insured plans. A member of the Amalgamated
Family of Companies, AEBA is a full-service TPA offering services
across all benefit plans. The Amalgamated Family of Companies is a
group of affiliated businesses which have grown from the flagship
company, Amalgamated Life Insurance Company, a leading provider of
comprehensive insurance solutions. Founded in 1943, Amalgamated
Life operates in all 50 states and the District of Columbia.
It has consistently earned an "A" (Excellent) Rating from A.M. Best
Company since 1975, attesting to its strong fiscal position. In
addition to Amalgamated Life, the Amalgamated Family of Companies
includes: Amalgamated Employee Benefits Administrators, a third
party administrator; Amalgamated Medical Care Management, a medical
care management firm; Amalgamated Agency, a property and casualty
broker; and AliGraphics, a printing firm. For more
information, please visit amalgamatedbenefits.com.
About Magellan Rx Management
Magellan Rx Management, a
division of Magellan Health, Inc., is shaping the future of
pharmacy. As a next-generation pharmacy organization, we deliver
meaningful solutions to the people we serve. As pioneers in
specialty drug management, industry leaders in Medicaid pharmacy
programs and disruptors in pharmacy benefit management, we partner
with our customers and members to deliver a best-in-class
healthcare experience.
About Payer Matrix
Payer Matrix, LLC is a Specialty
Drug Cost Containment Company who partners with commercial plans,
Taft-Hartley Funds, and TPAs in the industry to help mitigate the
financial risk and growing liability related to specialty drug
costs. With over 30 years experience in the Specialty
Pharmacy business market, the Company was formed to address the
rising costs of these medications. Payer Matrix focuses on
procuring alternative funding for specialty drugs, providing a
substantial cost saving to our clients and members who may not
otherwise have this type of discounted access to the medication
they need. For more information, visit payermatrix.com.
About ELMCRx Solutions
ELMCRx Solutions, LLC assists
consulting firms, reinsurers, healthcare coalitions, health plans,
insurance captives, TPAs, Taft-Hartley Trust Funds, and employers
in negotiating contracts and managing the risks and costs
associated with pharmacy benefit plans. ELMCRx's Tesser Rx Clinical
Prior Authorization Program offers a unique method of eliminating
cost from the pharmacy benefit delivery system through the proper
program design, control of costs and clinical utilization. These
consulting and cost containment services combine to deliver the
best, unbiased outcome for both the plan sponsor and member.
For more information, visit www.elmcgroup.com.
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SOURCE Amalgamated Employee Benefits Administrators